GlobeNewswire Inc | Oct 25, 2021 03:49PM EDT

October 25, 2021

NEW YORK, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against BioMarin Pharmaceutical Inc. (BioMarin or the Company) (NASDAQ: BMRN) in the United States District Court for the Northern District of California on behalf of those who purchased BioMarin common stock between January 13, 2020 and September 3, 2021, both dates inclusive (the Class Period), seeking to recover damages caused by Defendants violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the Exchange Act) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) BMN 307 was less safe than BioMarin had led investors to believe; (ii) BMN 307s safety profile made it likely that the FDA would place a clinical hold on the Phearless Phase 1/2 study; (iii) accordingly, the Company had overstated BMN 307s clinical and commercial prospects; and (iv) as a result, the Companys public statements were materially false and misleading at all relevant times.

On September 5, 2021, the Company issued a press release announcing that the [FDA] placed a clinical hold on the BMN 307 Phearless Phase 1/2 study, which is evaluating BMN 307, an investigational AAV5-phenylalanine hydroxylase (PAH) gene therapy, in adults with [PKU]. The Company advised investors that [t]he FDAs clinical hold was based on interim safety findings from a pre-clinical, non-GLP pharmacology study. On this news, the Companys stock price fell $7.14 per share, or 8.4%, to close at $77.81 per share on September 7, 2021, the next trading day.

Investors who purchased or otherwise acquired shares of BioMarin should contact the Firm prior to the December 21, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.